Crofton Real Estate Market Shows Improvement (December 2010)

Crofton MD Real Estate Market Update (21114)
December 2010

HOME SELLERS:

There was a 23% increase in home sales last month (16) from December 2009 (13). In fact, last month's home sales were higher than the previous month, as well (14). I'm very happy to report this reversal in the four years of falling home sales since 2006 when there were 36 homes sold in December. I think that's good news for Crofton home sellers!

We also saw that slightly more expensive homes sold in December 2010 ($341,188) than the same month in the previous year ($328,776). This is true in spite of the fact that sale prices were only 92.9% of list price, compared to 93.87% last year. The bottom line is that the average sale price vs. list price was almost 4% higher in the last month of 2010 than it was in December 2009. Again, I think this is good news for Crofton home sellers.

Homes that sold in December 2010 were on the market longer (90 days) than those which sold in December 2009 (59), but many fewer days than November 2010 homes (117). County-wide, homes were on the market for 111 days during the same month, a 7% increase from December 2009. Bad news/good news… a little bit of each!

The average price of sold Crofton homes in December was $317,081, up 2.74% from the previous year at $308,638. The median price was down by 7.3%, however, to $282,750 from $305,000 the previous year. Again, home sellers, this news is mixed.

Frankly, even mixed news is good for Crofton home sellers... especially when key improvements are the number of units sold and the higher price range of homes sold. I'd keep that champagne on ice for a little more improvement in the Crofton real estate market, but I think home sellers can be cautiously optimistic. With the right price and real estate agent, selling your home at a fair price is a realistic expectation.

HOME BUYERS:

With 130 homes for sale in Crofton MD, buyers who want to live in this area have many options for finding and buying a home. Many of these homes have been on the market for 90 days or longer, and some of those sellers may be willing to negotiate.

Given these two ideal conditions and today's low interest rate, this is an excellent market for buying a Crofton home with terms favorable to you.

INTERACTIVE HOME SEARCH FOR CROFTON MD (21114)

Please keep in mind that real estate statistics in this chart include all homes in the 21114 zipcode that were listed on MRIS, our regional multiple listing system.

For detailed information about your community in Crofton MD please contact me directly by cell/text at (301) 346-2923 or ask for me when you call Long & Foster (410)721-1500 EXT. 6245.